Feinberg touts his special mastery (hopes pay cuts will spread)

Politico ^ | October 28, 2009 | Eamon Javers

[rightwingintelligentsia]

One day after he rocked Wall Street by slashing the pay of top executives at banks with federal bailout money, Treasury pay czar Kenneth Feinberg said Thursday that he hoped his cuts would prompt other companies to act on their own and rein in excessive compensation.

“I’d like to think that these standards will be voluntarily picked up across the marketplace,” Feinberg said to a packed pen-and-pad briefing for reporters. At the same time, he said he was aware of the legal limits of his authority. “I have a very limited mandate here,” he said.

Speaking publicly for the first time since announcing the cuts, Feinberg revealed new details about the months-long executive compensation process, including that he rejected the initial proposals of every single company involved. And he said that the law that created his office included inherent conflicts between pushing the companies to moderate their behavior and ensuring that the companies pay back taxpayer money they received under the government’s Troubled Asset Relief Program.

[2 Kool 2 Be 4-Gotten]

At the same time, he said he was aware of the legal limits of his authority.

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Yeah right. This is like Eric Cartman as hall monitor.

[Girlene]

From the article:

Also, non-TARP companies are quietly thrilled at the prospect of being able to poach top talent from their humbled rivals.

One industry executive offered this assessment on the condition that his name not be used: “Pay restrictions repel talent and weaken our position as a global leader in the capital markets.”

“Ultimately,” he said, “such restrictions will make it much harder for those companies to pay back the U.S. taxpayer, which will certainly prolong government intervention, which is contrary to President Obama’s often-stated goal of exiting these companies as soon as possible.”

LOLOL. Feinberg is the "Speical Master" of what? Stupidity?

[PubliusMM]

“standards”??? Thought the czars didn’t have rules making authority...

Just another libtard lie, obviously. This mad march to marxism is way out of hand. The feds need to be returned to the constraints of the Constitution, and quickly.

It’s time to take back the country.

[Conservative Vermont Vet]

“I have a very limited mandate here,” he said.

Wow! If that is not the understatement of the decade!!!

While I may not be a Constitutional "Scholar" like Dear Leader, as a layperson, I would dare ask this frikin moonbat (appointed and not confirmed and answers to no one other than the Commie-Community-Organizer-in-Chief) what exactly is your "mandate" and what "authority" are you operating under???

Is there not ONE Republitard in Congress who has a pair and is willing to challenge any of these Czars in a court for what appears to be their usurping authority not granted by law or mandate???

[LeonardFMason]

He is a MASTERpayer.